The Atlantic Bank Limited, businessman Michael Feinstein, and Stake Bank Enterprises which is presently in receivership, are headed to litigation. On Friday, a claim was brought before the High Court against Feinstein, who is a director and shareholder of Stake Bank Enterprise Limited. In the lawsuit, Atlantic Bank claims that it has provided Stake Bank Enterprise with sixty-two million dollars to develop Stake Bank Island into a cruise ship docking facility. Part of the project required that roughly twenty-three and a half acres of seabed had to be reclaimed around the existing land mass. In 2018, Atlantic Bank proceeded to make funding available for the project on the strength that Stake Bank Enterprise would ensure that the title to the reclaimed acreage would be acquired from the Government of Belize in Stake Bank’s name. Furthermore, the claimant states that in 2021, Feinstein illegally applied for and received title to the extension in his name rather than in Stake Bank’s name. A mortgage debenture carried out in January 2022, clearly stated that the original sixteen acres of the island, as well as all future leasehold and freehold property, including all buildings and fixtures, are the property of Stake Bank Enterprise Limited. A few weeks ago, Atlantic Bank learned that Feinstein had possession of the title to the extension in his name. He was then required to convey the title for the extension to Stake Bank Enterprise so that it falls within the charge created by the mortgage debenture. Atlantic Bank asserts that Feinstein has refused to do so. As such, it is seeking a declaration that Feinstein holds the extension to Stake Bank Island, as a constructive trustee for Stake Bank Island and subject to an equitable charge in favor of Feinstein. ABL is also seeking an order directing Feinstein to immediately transfer the extension to Stake Bank Island to Stake Bank Enterprise free and clear of any hindrance or charge. Among other reliefs, Atlantic Bank is also seeking damages against Feinstein for fraud and breach of fiduciary duties. Atlantic Bank Limited is being represented by the law firm of CourtenayCoye LLP.
Tag: 2024-04-22
Feinstein’s Attorney Writes Central Bank Regarding ABL
Earlier today, the attorney for Michael Feinstein wrote to the Governor of the Central Bank of Belize requesting an investigation of Atlantic Bank Limited for, “serial breaches of the Domestic Banks and Financial Institutions Act”. The letter states that ABL approved and disbursed over sixty million dollars in loan funds to Stake Bank Enterprise Limited using monies belonging to depositors, as well as the pension funds of employees working at Atlantic Bank Limited. According to Stake Bank Enterprise, this was done without ensuring that adequate security was put in place at the onset. It further states that a mortgage debenture was not executed until January eighteenth, 2022, only after Central Bank had approved the sixty-million-dollar loan facility for the Stake Bank project. Aside from the loan amount, Atlantic Bank purportedly created subsidiary credit facilities in the form of construction credit loans that totaled approximately twenty-one million dollars to continue financing the Stake Bank project out of the watchful eye of the Central Bank. The letter also points to, among several other observations, a considerable devaluation of the security held by Atlantic Bank which puts depositors and employee pension funds at risk, since the loans were not properly collateralized.
Senate Inquiry Postponed Yet Again
Turning now to parliament… This morning, a scheduled senate inquiry into Portico’s controversial Definitive Agreement was placed on hold yet again after the Office of the Attorney General wrote to the chair of the Senate Special Select Committee on Friday, indicating that the upper house remains on recess. The Senate has been on break since the start of Holy Week and continues to be on time off. Despite explaining the need to get on with the process, Chairperson Janelle Chanona was advised that decisions taken by the committee during this period could be challenged in a court of law. Here’s what she shared regarding the postponement earlier today.
Janelle Chanona, Chair, Senate Inquiry
“What has happened today is that on March twenty-seventh, we set a date for back-to-back public hearings today, the twenty-second and the twenty-third. Friday evening, at six p.m., we were forwarded a legal memo from the attorney general’s ministry indicating to the President of the Senate that there are two things that would prevent today’s meeting. One is that the senate is on recess since Holy Week and two, that as a result of being on recess that the committee should not be working because decisions taken at the committee meeting may be legally challengeable. We responded Saturday morning to that legal memo content indicating, again, our TOR speaks to working expeditiously and urgently and that we had set this meeting for quite some time, that we were relying on the guidance provided by the National Assembly, the Office of the Clerk, in terms of parliamentary practice and procedure, and that everything was set up for Monday morning. And up to Sunday, last night, we got a response again, after hours, from the Office of the President, indicating that the decision was not just to cancel our committee meeting, but to advise that the committee meeting should not proceed, but that all committee meetings scheduled outside of recess be canceled, or within recess, be canceled. I’ve been here since March 2022, I think it’s definitely an opportunity for everyone to learn. What we do lament and what we place on record is the timing. Had we been able to get this legal opinion which I will say right off [the bat], it’s the very first time a legal opinion on such procedure has been asked for and received. But it is regrettable that Friday evening into the weekend for a Monday morning meeting that this transpired.”
Senate Inquiry Adjourned to May
According to Senator Chanona, witnesses were informed of the delay at the eleventh hour on Sunday night, ahead of sessions that were scheduled for Monday and Tuesday of this week.
Janelle Chanona, Chair, Senate Inquiry
“Last night, we moved very quickly to inform the witnesses, we had some key witnesses planned for today, to say that this was technicality that was being brought to the committee’s attention and that we’re looking now at a new date in May for the committee to meet and move ahead with its work. There is also the matter of the newly-appointed senator for the National Trade Union Congress and civil society committee to be sworn in. Again, the motion speaks to having that person represent in the committee and make contributions and we want the committee to be at full strength. So we are also working to make sure that all of those procedures and requirements related thereto happens so that when the committee meets we have the full membership in place.”
Reporter
“It’s a lot of delays that this process has been met with, but earlier you also said that all the members of the committee remain undaunted. The work will continue and you want to see it through.”
Janelle Chanona
“I think this is really testament to the fact that this motion was not taken lightly by the senate on a whole. You will recall that this motion was passed unopposed by the members of the senate. This is an important matter of public interest and we are determined as the senate to produce a report that will make recommendations that will produce positive change for the work of parliament, particularly the senate and most importantly that public assets and public resources be managed in a way that is within the scrutiny and investigative powers of the senate.”
Richard Crawford is Knocked Down and Killed in Crooked Tree
A motorcyclist perished in a fatal road traffic accident on Saturday morning near Crooked Tree Village. Fifty-eight-year-old Richard Crawford was traveling along the stretch of road when he was knocked down and killed by Andy Gillett, the driver of a Mazda Tribute that crashed into Crawford. The thirty-three-year-old fisherman was charged with several counts related to the deadly incident. Here’s more from Assistant Commissioner of Police Hilberto Romero.
ACP Hilberto Romero, Regional Commander, Eastern Division
“About 6:20 a.m. on Saturday, police responded to a fatal road traffic accident at Crooked Tree Village. Upon their arrival, they saw a Mazda pickup extensively damaged and a motorcycle. Information is that Andy Gillett was driving the Mazda vehicle when he lost control and collided into a motorcycle being driven at the time by Richard Crawford. Crawford received severe injuries and was taken to the KHMH where he was pronounced dead on arrival. An investigation was carried out and Andy Gillett has been arrested and charged for the crimes of manslaughter by negligence, causing death by careless conduct and drove motor vehicle without due care and attention.”
Andy Gillett is Charged Following Fatal Crooked Tree RTA
This morning, Gillett appeared before the lower court in the presence of attorney Orson ‘OJ’ Elrington. No plea was taken from Gillett as the offenses for which he was charged are being dealt with on indictment. He was offered and met bail in the sum of eight thousand dollars, and must report to the Ladyville Police Station every Friday. Attorney Elrington spoke briefly following Gillett’s arraignment.
Orson ‘OJ’ Elrington, Attorney-at-law
“Yes, he was arraigned for three different charges: manslaughter by negligence, causing death by careless conduct and driving without due care and attention. The matter came before the learned magistrate this morning and he was granted bail in the sum of eight thousand dollars with two sureties.”
Reporter
“Are you familiar with the accident this weekend?”
Orson “OJ” Elrington
“No, right now we don’t have anything beyond what is the summary of facts which, again, I always say is a misnomer because it’s the police’s version of the facts. And so, until I have been able to, we obviously have disclosure on July fourth, I believe. The court has set disclosure for July fourth. Then is when we will have the evidence that the prosecution intends to us against my client for the substantive matter.”
Seven-year-old Minor Perishes in Weekend RTA
A seven-year-old minor also lost his life in a fatal road traffic accident over the weekend. On Sunday, Martin Swift Senior and his family were traveling along the Old Northern Highway in the vicinity of Lucky Strike Village when their vehicle overturned. Several persons were injured during the accident, including Martin Swift Junior, who succumbed to his injuries at the K.H.M.H.
ACP Hilberto Romero, Regional Commander, Eastern Division
“On Sunday, April twenty-first, there was a fatal RTA between miles twenty-eight and twenty-nine on the Old Northern Highway. Police visited the area where they saw a vehicle, a Mercedes Benz overturned. Information is that the driver of that vehicle is Martin Swift who was along with several of his family members when he lost control of the vehicle and the vehicle flipped. Several of them received injuries and they were taken to the KHMH for treatment where Martin Swift Jr., seven years, succumbed to his injuries. They are presently receiving treatment at the KHMH and they are expected to recover. The area where the accident occurred, there’s a curve and yes, we believe speeding was the cause.”
MOHW Minister Agrees with ComPol on Hospital Transportations
Kevin Bernard, the Minister of Health and Wellness, today weighed in on an issue that was recently raised by the Commissioner of Police, Chester Williams. The commissioner is of the view that police officers should not transport individuals suffering from gunshot injuries to the hospital. The Minister of Home Affairs, Kareem Musa, says police officers should use their discretion. Well, Minister Bernard says ComPol Williams is right. He added that more needs to be done to increase the number of medical personnel available to respond to these incidents.
Kevin Bernard, Minister of Health and Wellness
“From a medical perspective I am no medical doctor, I am no medical technician. When you look at it, the commissioner is right in his own way, in saying what he said. When you look at the responsibility of police officers they are no medical doctors, no EMT. What we are seeing in the country is that we have been able to train, through the fire department, we have been getting additional EMT persons being trained in the field, we are working in the private sector and the ministry to ensure we enhance EMT services to build the capacity. WE have to understand, if you are in the U.S for example, you wont see a police officer moving anybody. There is a response team that comes to the rescue. So in one way the commissioner is right. It is something we have been use to. Maybe the way he said it came out different, but the commissioner is right. Lot of people don’t realize, oh the police the deh and nuh want do anything. You cannot move a person that is injured. You could cause more harm.”
Stolen WRH Toyota Hilux Returned
Last Thursday, reports surfaced of a stolen Toyota Hilux from the Western Regional Hospital. The vehicle’s GPS tracker was activated, and it showed that the Hilux was in Flores Peten, Guatemala. Authorities in Guatemala have since located and returned the Toyota Hilux back to Belize. An investigation is ongoing to determine how the vehicle was stolen and taken across the border. Today, Minister Bernard commended the quick response.
Kevin Bernard, Minister of Health and Wellness
“I don’t know the details of the truck. I was out in Chile at a summit on patient safety when my CEO informed me that a truck, one of the pickup was stolen. It is not about whether it was stolen it was about the quick response that our ministry and the personnel at the ministry and I must give my people kudos for that, because they got on board, they got in contact with the police and the police worked immediately and efficiently with us and that is how we were able to track that vehicle on the Guatemalan side and the Guatemalan authority worked very close with our ministry and also our police personnel that we were able to get that vehicle right back into the county the following day.”
Reporter
“Is it alarming that the security saw the vehicle leave at midnight and it didn’t raise any suspicions?”
Kevin Bernard
“Of course it does and I am sure that we are going to ensure the proper investigations are carried out to ensure those persons who were there to protect the investments of our people, which are the tax payers money to ensure they can answer to any questions that may arrive. I know the police is doing tis own investigation. I have not gotten any other details as it relates to that.”
Mother of Suspected Murderer Says He is Innocent
The mother of a man accused of murder is seeking to defend her son’s innocence. Last week, a wanted poster was issued for twenty-nine-year-old Jospeh Vaccaro in connection with the murder of thirty-two-year-old Roy Lee Burgess in Placencia Village. Vaccaro’s mother, Brendalee Vaccaro, visited our newsroom claiming that the police is disseminating erroneous information about her son. She claims that he was wanted by police in connection with a domestic dispute and that his partner later withdrew that charge. She further claims that Vaccaro is detained at Belize Central Prison under the state of emergency and not in connection with the murder of Burgess. She asserts that her son was at his father’s house in Belize City at the time the murder occurred and that he never travels to Placencia. Brendalee Vaccaro is now demanding answers from the police. Here is what she told us.
Voice of: Brendalee, Mother of Joseph Vaccaro Jr.
“Deh have my son the harass him and all on the news that he is wanted for a murder in some part of Placencia deh where my son doesn’t even go to Placencia. My son doesn’t go south at all. He goes from west to city and to his father or mother house. My son was here in the city for this case he was to attend on Thursday the eighteenth. He bring down his clothes and was at his father’s house ready for the case this week that pass, last week Thursday. Now you hear he is wanted for murder when you had four witness in the house when they were there the night just having family time together. So I want the country of my Belize to here, even in Placencia that Jospeh don’t have anything to do with anybody’s murder because Jospeh don’t even know that young man. When I told him I said son they called your name on the news about murder. He said mommy you crazy, I am not wanted for any murder. I am wanted for domestic fighting for me and my common law.”
Paul Lopez
“Is it your view that your son is incapable of committing such an act?”
Voice of: Brendalee
“No, murder, no how can he commit a murder when he wasn’t even there. He was here so you cannot be two places at the same time. So, he have witness and what the police needs to do is more investigation, serious investigation. Stop being malic people and do things.”
Paul Lopez
“How do you reconcile your view with your son with the accusations he has faced in the past, murder, attempted murder, etc?”
Voice of Brendalee
“Well, he didn’t do any attempted murder. He was accused of murder with the Chinese man and my belief is that all of these are connected to one, two three, if anybody have any sense they will know money talk and bullshit walks. And I am telling you this because I am not scared. But what I am trying to say is that G3 are all in cahoots with bad intentions towards my boy.”